 "Sequent Scientific turns ex-stock split")
Shares of Sequent Scientific has surged 9% to Rs 166 on the BSE in early morning trade in otherwise subdued market after the stock turned ex-stock split today in the ratio of 1:5.
The pharmaceutical company has fixed a record date of February 26, 2016 for the purpose of sub-division/stock split of Rs 10 per share of the company into the shares of Rs 2 each.
A stock split is usually done by companies that have seen their share price increase to levels that are either too high or beyond the price levels of similar companies in their sector.
The primary motive is to make shares seem more affordable to small investors even though the underlying value of the company has not changed.
In past one-year, the stock had rallied 69% as compared to 20% fall in the S&P BSE Sensex till yesterday. However, thus far in 2016, the stock fallen 37% against 12% decline in benchmark index.
At 09:50 AM, the stock was up 6% at Rs 167 on the BSE with around 4,332 shares changed hands on the counter.
The pharmaceutical company has fixed a record date of February 26, 2016 for the purpose of sub-division/stock split of Rs 10 per share of the company into the shares of Rs 2 each.
A stock split is usually done by companies that have seen their share price increase to levels that are either too high or beyond the price levels of similar companies in their sector.
The primary motive is to make shares seem more affordable to small investors even though the underlying value of the company has not changed.
In past one-year, the stock had rallied 69% as compared to 20% fall in the S&P BSE Sensex till yesterday. However, thus far in 2016, the stock fallen 37% against 12% decline in benchmark index.
At 09:50 AM, the stock was up 6% at Rs 167 on the BSE with around 4,332 shares changed hands on the counter.
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